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China's Shimao secures creditor backing for $11 billion offshore debt revamp

Reuters
Summary
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Chinese property developer Shimao Group has secured creditor backing to restructure about $11.04 billion in offshore debt.

Shimao said on Monday 98.75% of its creditors, representing claims totalling about $12.2 billion , had backed its plan.

Sunac China became the first troubled Chinese developer to successfully reduce its onshore debt earlier this year .

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